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4 weeks ago
Oats Global Market Report 2024, Featuring Key Players Blue Lake Milling, Bob's Red Mill Natural Foods, Bloch & Guggenheimer, The Kellogg Company & Avena Foods - Forecasts to 2028
Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "Oats Global Market Report 2024" has been added to ResearchAndMarkets.com's offering. The oats market size has grown strongly in recent years, from $7.15 billion in 2023 to $7.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The expansion observed in the historical period can be ascribed to shifts in dietary preferences, heightened awareness regarding health benefits, a growing demand for healthier and more convenient breakfast choices, impactful marketing campaigns and branding initiatives aimed at creating awareness, and the appeal of convenient and time-efficient options. The oats market size is expected to see strong growth in the next few years. It will grow to $10.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The projected growth in the forecast period can be credited to the rising demand for products based on oats, an increasing preference for quick, convenient, and healthy breakfast alternatives, evolving consumer preferences and lifestyles, the expansion of online retail channels and e-commerce platforms, and a growing awareness of the environmental advantages associated with oatmeal. Key trends anticipated in the forecast period involve innovations and advancements in oat-based products, regional and ethnic diversities, customizable oatmeal selections, an escalating consumer emphasis on environmentally friendly packaging, and a preference for clean labeling. The oats market is experiencing growth due to the increasing popularity and preference for healthy meals. Consumers are increasingly seeking foods and beverages that align with nuanced health and wellness, ethical, and sustainability criteria. Oatmeal, known for its health benefits and high nutritional value, is widely consumed as a healthy breakfast option. It aids in weight management, controls blood sugar levels, and manages cholesterol. Reports from Food Insight in July 2022 indicated a rising trend, with 52% of participants in the Food and Health Survey following specific diets, up from 39% in 2021. Clean eating (16%), mindful eating (14%), and calorie counting (13%) were the top choices. Additionally, a Poll/HealthDay survey revealed that approximately 63% of American adults planned to modify their diets in 2022. Consequently, the increasing popularity and preference for healthy meals are poised to drive the oats market's growth in the foreseeable future. The growing use of oats in animal feed is anticipated to contribute to the oats market's expansion. Oats, valued for their high fiber, energy, and protein content, offer nutritional benefits in livestock and poultry diets. With the global demand for animal products on the rise, oats play a crucial role in formulating balanced feed, promoting the growth and overall health of livestock. According to the UK's Department for Environment Food and Rural Affairs, the utilization of oats in animal feed witnessed a substantial 21% increase in 2021, reaching 444 thousand tons compared to 2020. Imports of oats also rose by 3 thousand tons in 2021, totaling 28 thousand tons. Therefore, the increasing use of oats in animal feed is a significant driver of the oats market's growth. Innovations in products are gaining traction in the oats market, with major companies focusing on developing creative offerings to meet customer demands and strengthen their market positions. For example, in September 2022, the Quaker Oats Company introduced Quaker Oats Muesli, a product packed with five grains and 22% fruits, nuts, and seeds, available in variants such as Fruit & Nut and Berries & Seeds. This innovative muesli provides a wholesome, multi-textural, and convenient breakfast experience, catering to health-conscious consumers seeking nutritious yet delicious options, even on busy mornings. Major players in the oats market are also introducing protein-rich oats to gain a competitive advantage. These oats, cultivated and processed to contain higher protein levels, offer a nutritionally dense source of this macronutrient. In August 2023, Bob's Red Mill launched Protein Oats, made from a special variety of oats with up to 60% more protein than regular oats. These protein oats, gluten-free and Non-GMO Project verified, provide a convenient and protein-rich breakfast option that can be used in various recipes, appealing to those looking for a quick and satisfying way to boost their protein intake. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. Scope
